This appreciation is being driven by the technology boom, which is increasing our population with skilled workers who can typically afford higher priced homes. Amazon, Facebook, Salesforce and eBay are among some of the tech giants leading the storm. Add to that low inventory and high demand, and you have 11% increases in year over year prices.
It isn’t just Seattle that is seeing large annual gains. The national number is 5.5% for September, the highest it has been since the last peak in 2006.